The bank made the disclosure in its Q1 interim management report. Standard Chartered is using blockchain technology to streamline cross-border payments as part of the first live, real-time payments corridor between Singapore and India, initiated in 2017.
In late 2017, India’s Axis Bank, Standard Chartered, and UAE’s RAKBANK have signed an agreement with Ripple to use its tool, RippleNet, in seamless cross-border payments. The banks accepted to use Ripple’s blockchain technology to settle real-time cross-border transfer from Standard Chartered to Axis Bank, and as well deploy the tool for retail remittance settlement from RAKBANK to Axis Bank beneficiaries.
With the deployed tool, payments are made immediately without the receiver waiting for days till the settlement is perfected.
The Ripple-powered payments option gives Standard Chartered and Axis Bank the advantage to trade in USD 15 billion worth of trade between India and Singapore.
Interested in learning more about the benefits of blockchain-based cross-border payments? Check out our recently launched B2B Fintech: Payments, Supply Chain Finance & E-invoicing Guide 2018, page 17.
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